Printer Friendly

PENN TREATY AMERICAN CORPORATION ANNOUNCES THIRD QUARTER RESULTS

 PENN TREATY AMERICAN CORPORATION ANNOUNCES THIRD QUARTER RESULTS
 ALLENTOWN, Pa., Nov. 9 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today announced earnings for the third quarter and nine-month 1992 operating results.
 Penn Treaty American Corporation stated that while premiums increased $1.5 million over the same period in 1991, the premium growth has been negatively impacted by the economy, particularly by the low interest rates earned by senior citizens who are the company's main consumers, and also by the unstable political climate. Earnings were also affected by the company's strengthening of claim reserves because of higher than anticipated losses on 1991 claims. The company has filed for rate increases and is continually developing new and innovative products in response to market demand. Management said it remains optimistic about the company's continued expansion and growth.
 Net income for the three months ended Sept. 30, 1992, totalled $1,137,477, a 30 percent decrease from the prior year's comparable period of $1,623,545. Earnings per share decreased 30 percent to 36 cents per share compared to 52 cents per share for the same three-month period in the previous year. Premium revenue for the quarter totalled $14,664,798, an 8 percent increase over the previous year's three-month total of $13,605,385.
 For the nine months ended Sept. 30, 1992, net income totalled $4,781,408, a 2 percent decrease from the previous year's nine-month total of $4,855,539. Earnings per share decreased 2 percent to $1.52 per share compared to $1.55 per share for the same nine-month period in the previous year. Premium revenue for the nine-month period totalled $45,028,948, a 14 percent increase over the previous year's nine-month total of $39,432,450.
 Penn Treaty American Corporation, through its wholly owned direct and indirect subsidiaries, Penn Treaty Life Insurance Company, Network America Life Insurance Company and Cher-Britt Service Company, is primarily engaged in the underwriting, marketing and sale of individual fixed, defined benefit, accident and health insurance products principally covering long-term nursing home care and home health care. The company is licensed to conduct business in 44 states and the District of Columbia.
 /delval/
 -0- 11/9/92
 /CONTACT: Michael F. Grill of Penn Treaty American, 800-222-3469/
 (PTAC) CO: Penn Treaty American Corporation ST: Pennsylvania IN: INS SU: ERN


MK-MJ -- PH012 -- 8667 11/09/92 11:30 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1992
Words:394
Previous Article:DELTA CONNECTION, COMAIR TO BEGIN SERVICE BETWEEN FT. LAUDERDALE AND TALLAHASSEE
Next Article:LARRY D. HOLLEN ELECTED EXECUTIVE VICE PRESIDENT AND ASSISTANT CHIEF OPERATING OFFICER OF ORION CAPITAL CORPORATION
Topics:


Related Articles
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
PENN TREATY AMERICAN SECOND QUARTER RESULTS REFLECT CONTINUED GROWTH
PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1992 AND FULL YEAR 1992 RESULTS
PENN TREATY AMERICAN CORPORATION REPORTS FIRST QUARTER 1993 RESULTS
PENN TREATY AMERICAN CORPORATION REPORTS FIRST QUARTER 1993 RESULTS
PENN TREATY AMERICAN CORPORATION'S SECOND QUARTER RESULTS REFLECT CONTINUED GROWTH
PENN TREATY AMERICAN CORPORATION'S THIRD QUARTER RESULTS REFLECT CONTINUED GROWTH
PENN TREATY AMERICAN CORPORATION'S THIRD QUARTER GROWTH REFLECTS SUCCESS OF INDEPENDENT LIVING POLICIES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters